Dumb Money: Another Retelling of the GameStop Saga

Dumb Money recently came out and it tells the memorable and hilarious story of the GameStop event that most of us probably remember where retail traders pushed the stock to a level that most didn't see coming.

Who could have anticipated that this would have happened for GameStop?

The situation turned into a media frenzy as many jumped on the train and started pushing the stock higher and higher.

This wasn't the first retelling of the story and it is probably one of the best breakdowns of what took place during that situation where it seemed that retail traders were determined and entertained by the notion of trying to take on Wall St.

The memes fueled this frenzy and all of the other online social media commentary, thanks to the reddit page WallStreetBets and others who shared the story and spread the word about what was going on.

Keith Gill or 'DeepFuckingValue' was one of the prominent figures that this recent movie focused on. There were a number of other characters who were also mentioned, along with the likes of hedge funds like Melvin Capital which was known to be betting against the stock for some time.

It has been alleged that the Melvin Capital, defeated "by the apes" (lol) had suffered heavy losses and eventually shut down altogether.

The situation with GameStop also drew a lot of attention for the investment app Robinhood as well, which had been described as an app that was looking to supposedly democratize investing.

Those who followed the situation at the time might remember when trading was halted on the app and it is a move that has been heavily criticized by many, with blame shifting on exactly what happened to arrive at that decision.

Whether you are familiar with the GameStop story or not this is one of the best retellings of the situation and it is definitely worth the watch.

This is not financial advice.
sources:
https://www.wsj.com/articles/melvin-plotkin-gamestop-losses-memestock-11643381321
https://www.coindesk.com/markets/2021/02/16/what-really-happened-when-robinhood-suspended-gamestop-trading/
https://thetab.com/uk/2021/01/28/gamestop-stock-memes-gamestop-stocks-explained-192442
https://www.fool.com/the-ascent/buying-stocks/articles/why-did-robinhood-shut-down-gamestop-trading/
https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html